Yellow Corp. Seeks $137 Million in Damages from IBT

Yellow Corporation is taking legal action against the International Brotherhood of Teamsters (IBT) for allegedly violating their union contract. The trucking company claims that the union has been blocking a restructuring plan for the past eight months. The modernization plan is critical to Yellow’s survival in a highly competitive industry dominated by non-union carriers, especially since the company needs to refinance $1.3 billion in debt from loans that mature next year.

Yellow Corporation seeks $137 million in damages for the breach of contract. The union’s efforts to prevent the restructuring allegedly constitute a breach of contract, according to Yellow. In a statement, Yellow management claimed that they had attempted to negotiate with the IBT to present a mutually beneficial solution. However, they noted that the union refused to meet and engage in open discussions.

While the lawsuit has been filed, the IBT has not yet received it. A representative for the Teamsters said that they would need time to review the lawsuit before providing a response.

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